Tuesday, May 22, 2012

Malaysian Residency Program



AMIR ISMAIL & ASSOCIATES - AUTHORIZED IMMIGRATION PRACTITIONERS (http://www.amirismail.com
Member of the Immigration Consultants of Canada Regulatory Council (ICCRC) & the Canadian Association of Professional Immigration Consultants (CAPIC).

MALAYSIA MY SECOND HOME RESIDENCY PROGRAM is open to all foreign citizens - Successful participants are allowed to bring their dependents (wife and children)

FINANCIAL REQUIREMENTS:

Applicants below 50 years of age:

  1. Fixed deposit of RM300,000 (upon conditional approval of MM2H visa)
  2. You can withdraw RM150,000 after one (1) year
  3. Must maintain a minimum balance of RM150,000 from second year onward and throughout stay in Malaysia under this program
  4. Monthly income of RM10,000 or equivalent in foreign currency (to show during application)

Applicants above 50 years of age:

  1. Fixed deposit of RM150,000 OR monthly off-shore pension of RM10,000 (government pension is 100% accepted but the committee will evaluate if it is from a private source. If the pension organization is reputable, then it might be accepted. If not, the approval will be changed from pension to fixed deposit)
  2. Government pension - husband & wife's pensions can be combined.
  3. Fixed deposit of RM150,000 is only required only after the approval is obtained
  4. Fixed deposit - you can withdraw RM50,000 after one (1) year
  5. Must maintain a minimum balance of RM100,000 from second year onward and throughout stay in Malaysia under this program.
If the applicant has purchased properties worth more than RM1million, they may be exempted from putting in the full amount into the fixed deposit. However, they have to pay up fully for their property.

YOUR SOUND FINANCIAL STRENGTH EVIDENCE:

All applicants must show that they have at least RM500,000 (RM350,000 for those above the age of 50) equivalent in cash, deposits, bonds, securities, properties and other assets.

YOUR MEDICAL INSURANCE:

Medical insurance is required for all applicants (including spouse and children). Prices starts from RM 100 upwards and it depends on the age of the applicant.

YOUR MEDICAL REPORT:

Medical check-up is required for all participants (including spouse and children). It will be done only when you come in for passport endorsement, not during application.

Important Notes:
  • The money can only be withdrawn to purchase residential properties, education for children in Malaysia and for medical purposes in Malaysia only.
  • For residential property purchase, the sales and purchase agreement has to be signed AFTER the 1 year period. Otherwise, it is not valid and you cannot withdraw to purchase the property.
  • The deposit can be made in banks in Malaysia only.
  • Deposit cannot be placed in a Malaysian bank overseas.
  • All deposits has to be made in Malaysian Ringgit only.
  • For the pension method, there is no requirement for you to transfer the money over to Malaysia. A letter from the pension board and other financial documents (fixed deposits, bank statements) is required.
  • Visa holders are NOT allowed to work or seek employment in Malaysia.
  • Property purchase is NOT a requirement. You can rent a place to stay if you want to.
  • There is NO "minimum-days-to-stay-in-Malaysia" requirement for this visa.
  • To do business under MM2H visa, you must follow the guidelines from the Ministry of International Trade.
  • The main applicant may be the husband or wife. Whoever has the higher financial strength should be the main applicant.
  • Part time work (20 hours per week) is allowed but it must be approved by the MM2H committee.
  • Unmarried children under the age of 21 are allowed to join this program as dependents of the parents.
  • Parents of applicants (including parents-in-law) are allowed to join applicant as dependent but they will get a yearly visa. The parents must be more than 60 years old.
MM2HP Benefits:
  1. You are entitled to purchase one car tax-free OR you are allowed to import your own car tax-free
  2. No taxes on the income/pension.
  3. You are allowed to stay in Malaysia (without leaving the country) until the visa expires and you don't need to leave the country during renewal.
  4. You can enter and leave Malaysia as many times as you may wish having a 10 Years Multiple Visa as a Social Pass.

For more information and a confidential consultation with Mr. Amir Ismail, please contact us at info@amirismail.com

AMIR ISMAIL & ASSOCIATES - YOUR PARTNERS IN IMMIGRATION SINCE 1991